At a glance
Cincinnati Financial Corporation is worth $28.21B, about 12 times its fiscal 2025 earnings. Revenue grew 11.4% to $12.63B in fiscal 2025, with 18.9% kept as profit; over 5 years it has grown 10.9% a year. It pays a 2.04% dividend yield, raised every year for at least 7 years, and returned $3.24B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.6% over the past year with dividends reinvested and +11.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.5% in the 2020 crash (S&P 500: 33.7%) and 35.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 23 months after the lows.
The business in plain English
Cincinnati Financial writes property casualty insurance: policies that protect businesses, homes and cars against damage, theft and lawsuits. Its lead subsidiary, The Cincinnati Insurance Company, was founded in 1950 by four independent insurance agents, and the group is based in Fairfield, Ohio. It is fully committed to independent agencies, which represent several insurers, rather than agents tied to a single insurer or direct sales to consumers. At the end of 2025, 2,292 agency relationships in 46 states offered its policies, and the largest accounted for only about 0.5% of property casualty earned premiums.
The company earns money two ways. It collects premiums, aiming to pay less in claims and expenses than it takes in, and it invests that money until claims come due. Revenue for the year ended December 31, 2025, was $12.6 billion. Commercial insurance supplied 38.5%, personal insurance (homeowner and auto) 25.4%, the investments segment 20.6%, excess and surplus lines 5.6% and life insurance 2.7%.
Excess and surplus lines cover unusual or hard-to-place risks that standard insurers decline. Cincinnati Life offers life insurance and fixed annuities, which pay a set interest rate. Cincinnati Re provides reinsurance (insurance for other insurers) through brokers, and London-based Cincinnati Global writes specialty insurance through Lloyd's Syndicate 318. CFC Investment Company offers commercial leasing and financing.
Price history
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CINF +21.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Commercial Insurance | $4.87B | 38.5% |
| Personal Insurance | $3.20B | 25.4% |
| Investments Segment | $2.61B | 20.6% |
| Excess and Surplus Lines Insurance | $702.0M | 5.6% |
| Life Insurance Segment | $336.0M | 2.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.05B, down 18.2% from a year earlier, and net income was $459.0M (-59.1%).
- For fiscal 2025, revenue was $12.63B (+11.4% year over year; +10.9% a year from FY2020 to FY2025) with a 18.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.9% good |
|---|---|
| Free cash flow margin | 24.5% good |
| Return on equity (FY2025) | 15% good |
| Return on assets (FY2025) | 5.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.54B | $1.22B | $1.47B |
| FY2021 | $9.63B | $2.97B | $1.97B |
| FY2022 | $6.56B | $-487.0M | $2.04B |
| FY2023 | $10.01B | $1.84B | $2.03B |
| FY2024 | $11.34B | $2.29B | $2.63B |
| FY2025 | $12.63B | $2.39B | $3.09B |
Valuation snapshot
| Market value | $28.21B |
|---|---|
| P/E ratio | 12.1 |
| Dividend yield | 2.04% |
Rank among 1514 US companies
Market value at each year end
Cincinnati Financial’s market value went from $12.48B at the end of 2016 to $28.21B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is up 11%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $28.21B | +10.7% |
| 2025 | $25.48B | +13.4% |
| 2024 | $22.46B | +38.4% |
| 2023 | $16.23B | +0.9% |
| 2022 | $16.09B | -12.3% |
| 2021 | $18.36B | +30.6% |
| 2020 | $14.06B | -18.2% |
| 2019 | $17.18B | +36.3% |
| 2018 | $12.60B | +2.4% |
| 2017 | $12.30B | -1.4% |
| 2016 | $12.48B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CINF price data to Nov 2, 2026 | +14.5% | +21.6% | +25.5% | +11.0% | +13.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.5% |
| 2025 | +16.3% |
| 2024 | +42.5% |
| 2023 | +4.0% |
| 2022 | -7.9% |
| 2021 | +33.3% |
| 2020 | -14.2% |
| 2019 | +38.9% |
| 2018 | +6.2% |
| 2017 | +2.4% |
| 2016 | +31.5% |
| 2015 | +19.0% |
| 2014 | +2.6% |
| 2013 | +38.5% |
| 2012 | +34.2% |
| 2011 | +1.5% |
| 2010 | +27.5% |
| 2009 | -3.6% |
| 2008 | -22.6% |
| 2007 | -9.8% |
| 2006 | +4.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.8% over that stretch · deepest drop along the way 57%, back to its old high 35.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.5% over that stretch · deepest drop along the way 40.5%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.6% over that stretch · deepest drop along the way 35.8%, back to its old high 22.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($172K) and 1 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Charles Odell Schiff Director | sell | $1.3M |
| Aug 25, 2026 | Dirk J Debbink Director | buy | $172K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.22% | Mar 31, 2026 |
ETFs with the most weight in CINF
| KBWP Invesco KBW Property & Casualty Insurance ETF | 3.72% |
| IAK iShares U.S. Insurance ETF | 2.49% |
| MBOX Freedom Day Dividend ETF | 2.19% |
| FTDS First Trust Dividend Strength ETF | 2.11% |
| QDIV Global X S&P 500 Quality Dividend ETF | 1.7% |
| TMDV ProShares Russell U.S. Dividend Growers ETF | 1.65% |
| FXO First Trust Financials AlphaDEX Fund | 1.63% |
| BOUT Innovator IBD Breakout Opportunities ETF | 1.53% |
What could go wrong
- Claim reserves could prove too small. Loss reserves, money held for unsettled claims, are its largest liability and are only estimates. Bigger jury awards, more lawyer involvement, litigation funding or rising medical costs could force increases that cut earnings.
- Heavy reliance on independent agents. It depends primarily on independent agencies that also represent rival insurers. Agency mergers, weaker relationships or customers shifting toward insurers that market directly could slow its premium growth.
- Catastrophes and climate-related weather losses. Severe weather, other natural or man-made disasters, terrorism or epidemics could bring an unusually high level of losses. The company warns that climate change may also hurt its results and financial position.
- Mispriced policies in a crowded market. Its pricing and capital models could be flawed. With more than 2,000 U.S. property casualty insurers competing, pressure to win business could lead it to charge too little for the risks it takes.
- Inflation in auto, property and medical claims. The company says elevated inflation has significantly raised claim costs in its auto and property businesses. If inflation persists, claim and medical costs could outrun its pricing, and investment values could fall.
- Investment portfolio exposed to market swings. Investments produced 20.6% of 2025 revenue. A financial disruption, prolonged economic downturn or turmoil in credit and capital markets could reduce investment income and the value of its holdings, weighing on earnings and capital.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Cincinnati Financial has raised its dividend for at least 7 years in a row: dividends per share grew from $2.40 in 2020 to $3.48 in 2025, about 7.7% a year. The increases continued through 2022, when it posted a $487 million net loss. In 2025, dividends used 21.9% of earnings and 17% of free cash flow (cash left after running the business). The yield was 2.08% as of October 28, 2026. Over FY2021–FY2025 it paid $2.29 billion in dividends and spent $952 million on share buybacks; the share count fell 4.3% from February 2022 to October 2026.
The stock has fallen hard in slumps. It dropped 57% in the 2008 financial crisis and needed about 35 months from its March 2009 low to recover. It fell 40.5% in the 2020 COVID crash and 35.8% in 2022, needing about 13 and 23 months, respectively, to recover. As a single stock, CINF carries more risk than a diversified fund.
Questions investors ask
Does Cincinnati Financial raise its dividend every year?
Yes, in the record through fiscal 2025. It has raised its dividend for at least 7 years in a row, with dividends per share rising from $2.40 in 2020 to $3.48 in 2025, about 7.7% a year. That included an increase in 2022, when it posted a net loss. Dividends took 21.9% of 2025 earnings. The annual report warns that its status as an insurance holding company with no direct operations could affect future dividends.
How does Cincinnati Financial make money?
It makes most of its money from property casualty insurance offered through independent agents, plus income from investing the premiums it collects. Revenue was $12.6 billion for the year ended December 31, 2025. Commercial insurance made up 38.5%, personal insurance 25.4%, the investments segment 20.6%, excess and surplus lines 5.6% and life insurance 2.7%. Profit depends on charging enough in premiums to cover claims and expenses, and on returns from its investment portfolio.
What is Cincinnati Financial's P/E ratio and dividend yield?
As of October 28, 2026, the stock traded at about 11.8 times fiscal 2025 earnings, and its dividend yield was 2.08%. The P/E ratio compares the share price with a year of profit per share. Its market value was about $27.5 billion. Insurance earnings can swing sharply: in the quarter ended September 30, 2026, net income fell 59.1% from a year earlier to $459 million, while revenue fell 18.2% to $3.05 billion.
How has Cincinnati Financial stock performed over the long run?
Over the 10 years to October 28, 2026, the stock returned about 12.8% a year based on price data, with sharp swings along the way. It returned 20.9% over one year and about 10% a year over five years. Calendar years ranged from a 22.6% loss in 2008 to a 42.5% gain in 2024, and 2026 was up 11.8% year to date. Its largest drop from a peak in about 21 years of price history was 59.6%.
Which ETFs hold Cincinnati Financial stock?
Cincinnati Financial appears in 209 ETFs. The funds giving it the largest weights include the Invesco KBW Property & Casualty Insurance ETF (KBWP) at 3.72%, the iShares U.S. Insurance ETF (IAK) at 2.49%, and dividend funds such as the Freedom Day Dividend ETF (MBOX) at 2.19% and the First Trust Dividend Strength ETF (FTDS) at 2.11%. Separately, two Vanguard units reported owning 7.51% and 5.22% of the shares as of March 31, 2026.